Top Stories
Top Stories

US Treasury yields rise as investors assess damage from Hurricane Irma

U.S. government debt yields rose on Monday, as damage from Hurricane Irma appears to be less than feared. Investors are also gearing up for an auction by the Treasury Department.

The yield on the benchmark 10-year Treasury note rose to 2.125 percent at 1:04 p.m. ET, while the yield on the 30-year Treasury bond was up at 2.74 percent. Bond yields move inversely to prices.

The 10-year note yield is at its highest level since Sep. 5, 2017, when the 10-year yielded as high as 2.148 percent.

U.S. Markets Overview: Treasurys chart

The wrath of Hurricane Irma is in focus on Monday, as the huge storm hit the coast of Florida over the weekend. On early Monday, Irma continued to thrash the state of Florida, after hitting the Keys, Miami and other areas nearby in recent days; however the hurricane has since been downgraded to Category 1 as it continues to move its way across land.

Hurricanes have put markets worldwide on edge over recent weeks, as investors show signs of unease when it comes to what the natural disasters will have on certain markets, including insurance and energy.

The Treasury Department auctioned $24 billion in 3-year notes at a high yield of 1.433 percent. The bid-to-cover ratio, an indicator of demand, was 2.7.

Indirect bidders, which include major central banks, were awarded 46.2 percent.Direct bidders, which includes domestic money managers, bought 10.4 percent.

In politics, geopolitical tensions are back in the limelight as the United Nations are expected to vote on a resolution on North Korea. Tensions between the Asian country and the West have escalated as of late, after North Korea failed to back down on its continuation of missile launches.

North Korean leader Kim Jong Un chose to hold a party over the weekend instead of opting for another missile launch, leading to a decline in safe haven asset prices. Assets including gold and the U.S. dollar posted gains on Monday.

Looking to commodities, oil prices fluctuated gains on Monday, as investors remained on edge about the impact Hurricane Irma could have on the sector.

—CNBC's Christina Wilkie and Reuters contributed to this report

Follow CNBC International on Twitter and Facebook.